It is an unbelievable fact that properties in foreclosure listings in California are just three times more than secondary homes for sale as per Real Estate market records. This largest State by way of population in the entire US country – 36.75 millions as per 2008 Census estimates – is reeling under the clutches of foreclosure tornado. This is the top ranking State of all, by way of foreclosure listings in California. Ironically this was the State where buying a piece of property was aspired for by many Americans, till some 3 years back. The mad rush of people for home buying escalated the property prices in California to dizzy heights, beyond the reach of common people. And it is here you now get the opportunity to buy a beautiful property from foreclosure listings in California, at a price which is only a fraction of their real value.
The people of America gave their first choice to home buying in this State, because California ranks amongst the ten largest economies in the world and is responsible for 13% of the total US gross domestic product figure. California is the home for several significant economic regions of United States – Central Valley (agriculture); Silicon Valley (computer and high technology parts); Hollywood (entertainment Industry); and many wine producing regions such as Napa Valley, Sonoma Valley, Santa Barbara, Temecula Valley, and Paso Robles. The foreclosure listings in California contain formidable properties from all these economic centers, arising out of the foreclosure crisis.
During the Real Estate boom years, thousands of home loans were issued to barrowers by Banks and mortgage lenders just for the asking. The soaring property prices in California was mainly behind this lethargy, as the mortgage lenders falsely believed that they have the security for their home loans the housing properties on which they extended the loans. The foreclosure listings in California are the direct end results of this laxity in issuing home loans and to a certain extent the predatory lending practices by some sub-prime lenders. The home owners whose properties are now listed under the foreclosure listings in California were investors, having an eye on the escalated housing prices of California. The downturn in economy of US had caused the ballooning effect of the floating rates of interest on mortgage loans and the home owners forfeiting their equities to foreclosure listings in California.
As of now a whopping figure of 399,700 properties are listed in foreclosure listings in California. The median price is quoted as $278,209 for the properties of foreclosure listings in California, as against the median price of secondary homes at $389,000. The savings you can get by selecting and buying a property from the foreclosure listings in California is, as you can see, thousands of dollars.